Miami Network Realty

The $8000 Homebuyers Tax Credit has been extended until September 2010

The House has approved the credit extension and has now signed it into law. The real estate homebuyers $8000 credit has been extended yet once again. If you or someone you know is under contract to purchase a home and the contract was executed on or before April 30, 2010, you will now have until September 30th to complete your purchase and still receive the $8000 credit. A great victory for those who have been held hostage by the processing back log and burocratic confusion of lenders.

Miami Existing Condominium Sales Spike 51 Percent, Single-Family Home Sales also Rise in August.

Miami, FL - The Miami real estate market continues to strengthen as a result of increased sales and stabilizing home prices. In the Miami Metropolitan Statistical Area (MSA), there was a 51 percent increase inn condominium sales in August compared to August 2009 and a 7 percent increase compared to two years ago, according to the MIAAMI Association of REALLTORS and the Southeast Florida Multiple Listing Service (SEFMLS)).
The sales of existing single-family homes in the Miami MMSA increased 12 percent in August comp arid to August 2009 and were 36 percent higher than they were in August 20008. The Miami real estate market experienced rising residential sales since August 20008, posting increases for 233 consecutive months. After dipping slightly last month, single-family home sales are again reflecting healthy gains, while condominium sales continue to increase significantly.
"We Aare encouraged by the fact that the sales of both single-family homes and condominiums are increasing," said Jack H. Levine, 2010 Chairman of the Board of the MMIAMI Association of REALLTORS. "Home prices co nine to stabilize, but the substantial presence of did stressed properties in our market is contributing to fluctuations in median sales price levels. Still, the evident demand of r South Florida real estate is definitely a positive sign."
Statewide sales increased 22 percent for condominiums and one percent for single-family homes. Nationally, sales o f existing single-family homes, townhomes, condominiums, and co-ops rose
7.6 percent from July, but remain 19 percent below August 2009, ace riding to the National Association of Realtors (NAR).

Home Prices
After posting increases in the last few months, the median sales price of single-family homes in the Miami MSA fell slightly in August.
The median sales price for single-family homes in the Miami MSA in August decreased six percent to $182,900 compared to a year ago. The median sales price for condominiums in August was $104,800, down 28 percent from a year ago. Statewide median sales prices decreased nine percent to $134,000 for single-family homes and 24 percent to $81,600 for condominiums.
Average sales prices, which have increased consistently over the last few months, rose again in August for single-family homes but dropped for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in August increased 9 percent from the previous year to $290,990 for single-family homes and decreased 35.3 percent to $174,470 for condominiums.

Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 5 percent from 27,255 to 25,679 since August 2009. The levels of active single-family home listings and of condominiums have both dropped six percent from a year ago. Compared to last month, the total inventory of homes increased a negligible .08 percent. The average days a property stays on the market decreased 16.7 percent to 92 for single-family homes and 19.3 percent to 103 for condominiums.
Nationally, total housing inventory at the end of August slipped .6 percent from the previous month.

New International Study Confirms Miami's Global Prominence
Florida is by far the top state in the U.S. for international buying activity, and South Florida consistently ranks as a top market for foreign buyers within the state. Due to the local market's global prominence, the MIAMI Association of REALTORS partnered with NAR to conduct a study that reveals information about foreign buyers in the Miami area.
"This report communicates key findings about the crucial international buyer that fueled the local market's recovery and is now playing an important role as the marketplace strengthens," said 2010 MIAMI Association of REALTORS Residential President Oliver Ruiz. "We continue to See strong demand from international buyers in all price points, including the high-end market.
These buyers are willing to outbid competing offers and are 89 percent cash, a factor that
Automatically expedites their transactions."




"Copyright MIAMI, Reprinted with permission."